After 6 Years and $26M, Insolvent Chumby Selling Remaining Assets
Alas, poor Chumby! We knew him well.
The Internet-enabled device of infinite jest and excellent fancy is now the unfortunate subject of an asset sale supervised by a trustee—Insolvency Services Group of Beverly Hills, CA, according to Mike Freeman, who broke the story in today’s U-T San Diego. To the creditors go the spoils.
As we reported a few years ago, San Diego’s Chumby Industries was the brainchild of Avalon Ventures’ Steve Tomlin, who conceived of Chumby as a simple Internet-enabled wireless device with a touch-screen that could display the time, weather, traffic, and serve as a music and video player. It was about the size of an old-fashioned clock radio, and had a soft leather look and feel. The Chumby gained capabilities over time, and also could stream Internet radio, YouTube videos, RSS feeds, news, stock prices, and other information. Wired magazine named Chumby to its top gadget list in 2008.
Over the past six years or so, the company raised more than $26 million from Avalon, Masthead Venture Partners, O’Reilly AlphaTech Ventures, JK&B Capital, and others. As Chumby’s founding CEO, Tomlin led much of that fund-raising, secured a manufacturer in China, and built out global distribution and other aspects of the business.
Derrick Oien, a software executive with experience at Redwood City, CA-based Good Technology and San Diego’s Intercasting and MP3, took over as CEO in the fall of 2010. Oien spearheaded a move away from hardware and focused Chumby on licensing its technology and expanding the development of widgets for the Chumby platform.
During Oein’s reign, Chumby collaborated with UK-based Pace to expand into the market for Internet-connected TV and partnered with … Next Page »
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